On September 17, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Brunei Darussalam.

Brunei Darussalam’s economy has been adjusting well to lower oil prices since 2014, with the authorities undertaking wide-ranging reforms. The decline in oil and gas (O&G) prices led to large budget deficits and narrower current account surpluses. In response, the authorities in 2015 launched a reform program aimed at: (i) ensuring long-term fiscal sustainability and intergenerational equity and (ii) fostering economic diversification by improving the business climate. These reforms have started to bear fruit, as growth has begun to rebound and inflation has returned to positive territory.…